Sales and purchasing
Transaction data from invoices, returns and payment terms.
ERP Guides
Financial record keeping
How to Manage General Accounting
General accounting brings financial records from different business processes together under a common chart of accounts. A consistent workflow ensures entries are reviewed, approved and reported with the right period, account and source.
Journal review panelUnder review
Source document
Step 01
Account mapping
Step 02
Authorised review
Step 03
Document, account and period are reviewed together before posting.
Chart of accounts
Build the account structure behind your reports
Parent and subaccounts should provide the level of detail the business needs. Defining department, project or branch dimensions separately, rather than creating excessive account codes, can help keep reporting manageable.
Illustrative account hierarchy
Chart of accounts
100 · Parent account group
100.01 · Subaccount
A meaningful reporting detail
100.02 · Subaccount
Another scope that needs separate tracking
Codes are illustrative and do not replace the company’s approved chart of accounts.
Record sources
Journal entries can come from integrated modules or authorised users
Define in advance which module creates each entry and which accounts it maps to. If an import fails, users should be able to identify the source and retry it under control.
Inventory and production
Inventory value, consumption, production and related period movements.
Bank and cash
Collection, payment and account statement transactions.
Other entries
Journal entries and adjustments entered by authorised users with source documents.
Journal entry
Make the purpose of every journal entry clear
Entry date, accounting period, description, account codes, amounts and source document should be readable together. Keeping the source transaction ID and import status on automatically generated entries makes them reviewable and can reduce duplicate posting risk.
Journal review flow
- 1Identify the source document and transaction purpose.
- 2Check account mapping, date and period.
- 3Complete required dimensions and approvals.
- 4Post the entry and compare with source module totals and reports.
Period review
Make period close a series of checks, not a last-minute task
Identify missing imports and pending journals before the end of a month or fiscal year. Once entries and approvals are complete, an authorised user can close the period; later corrections should remain traceable without erasing history.
Scope
Are the correct entity, fiscal year/period and transaction date selected?
Account and dimensions
Are the account code, account link, department or project details correct?
Document and duplicate check
Is the journal supported by a source document, and has the same source transaction already been imported?
Approval and posting
Is the required review complete, and is the journal in the correct status?
Trial balance and account balance
Review account movements and balances by selected period and reporting dimensions.
Financial reports
Accurate reports depend on account mapping, period, completeness of entries and business configuration.
Professional review
Charts of accounts and accounting policies are business-specific. Tax, filing and regulatory treatment should be confirmed by the company’s qualified accounting professional and financial adviser.
Frequently asked questions about general accounting
Which records does general accounting bring together?
It brings together journal entries imported from business subsystems and entered by authorised staff under the company’s accounting policy. Source documents and period links should be retained.
Should automatically imported entries still be reviewed?
Yes. Review the source document, account mapping, date/period and risk of duplicate imports. Automation may reduce data entry, but it does not remove accounting review and approval responsibilities.
How should the chart of accounts be organised?
Build a hierarchy that supports the company’s financial reporting and management needs; define account codes, subaccounts and analytical dimensions consistently. Agree the structure with the accounting team and financial adviser.
When should an accounting period be closed?
The period close schedule and authority depend on company processes. Complete pending journals, integrations, reconciliations and required reviews first; record later adjustments with traceable approval.